Flood Insurance

If you are living in a high-risk flood zone, Flood Insurance is essential for the well-being of your belongings. Floods pose a serious danger to your home, property, and chattels. It can destroy your possessions within the blink of an eye and put you on roads from bungalows.

And the saddest part of the story is you cannot stop a flood since it is a natural process!

So, what can be done to protect our homes and other stuff from floods?

The easiest solution to this problem is to mitigate the effects of the flood by buying an insurance plan!

Keeping it simple, everyone who wishes to safeguard his home from the deadly flood effects should buy a plan. He should buy it if he does not want to burden himself financially to cope with the after flood expenses. By getting a this insurance plan, your insurance company supports you in this hour of need. It pays for the damage and repair costs for your home, dwellings, and salvageable belongings.

What does this insurance policy cover?

Typically, we divide these coverages into two main types. These include Coverage for Buildings and Coverage for Contents. The names of these coverages specify their functions. However, let us take a deeper look at them:

  • Coverage for Buildings

This coverage provides protection to the building and its permanently attached equipment or products. These components include an electricity fitting system, plumbing systems, built-in appliances like ovens, dishwashers, etc. and fixed cabinets and bookcases. 

At the very basic level, it includes the foundation walls, staircases, detached garages, and water tanks and pumps. But it also extends to installed solar systems and fuel tanks.

  • Contents Liability Coverage

Content means your clothes, furniture, curtains, valuable artworks, and other portable equipment at home. Flood Insurance provides coverage to all the content of your home as per your chosen plan.

How does Flood Insurance work?

It works exactly like other insurance plans like homeowner insurance. You have to pay for an annual premium, and in return, you get its benefits. But unlike homeowner insurance, Flood insurance doesn’t provide coverage to the damages caused to your home other than a flood.

Let us take an example of it that an individual living in New Jersey who has bought Flood Insurance in NJ. A sewerage pipe exploded in his basement and ruined the stuff present in the basement. Now, this insurance plan will not provide any coverage to such damages since the flood was not the origin.

On the other hand, if the same damage was caused by flood, the company would provide him full coverage. 

These are little complexities of insurance plans that MKZ Insurance experts teach to our clients. To know more about the intricacies of insurance plans and get the best Flood Insurance in NJ and NY, visit MKZ Insurance!